TripAdvisor 2014 Annual Report Download - page 96
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86
In addition, certain of our Chinese subsidiaries are entered into a RMB 125,000,000 (approximately $20 million) one-year
revolving credit facility with J.P. Morgan Chase Bank (“Chinese Credit Facility-JPM”). We had $19 million of outstanding
borrowings from the Chinese Credit Facility—JPM as of December 31, 2014. Our Chinese Credit Facility—JPM currently bears
interest at a 100% of the People’s Bank of China’s base rate which was 5.6% as of December 31, 2014.
NOTE 9: INCOME TAXES
The following table presents a summary of our domestic and foreign income before income taxes:
Year Ended December 31,
2014 2013 2012
(in millions)
Domestic ........................................................................... $146 $129 $ 133
Foreign .............................................................................. 176 155 149
Total .................................................................................. $322 $284 $ 282
The following table presents a summary of the components of our provision for income taxes:
Year Ended December 31,
2014 2013 2012
(in millions)
Current income tax expense:
Federal ......................................................................... $93 $ 48 $ 56
State ............................................................................. 14 9 6
Foreign ........................................................................ 6 17 30
Current income tax expense.............................................. 113 74 92
Deferred income tax (benefit) expense:
Federal ......................................................................... (12) 6 (3)
State ............................................................................. (1) 1 —
Foreign ........................................................................ (4) (2 ) (2)
Deferred income tax (benefit) expense: (17) 5 (5)
Provision for income taxes ............................................... $96 $ 79 $ 87
As of December 31, 2014, our current income tax receivable and income tax payable balances represent amounts that we will
receive and pay, respectively, to the Internal Revenue Service and other tax authorities.